Symetra Edge Elite 7
The Symetra Life Insurance Company finds itself in the financial service and insurance sector ever since its inception in 1957. Serving as a subsidiary of Symetra Financial Corporation, the company is known for its broad scope of life insurance policies and annuity types available. Striving to meet the ever-changing needs of its customer base, Symetra delivers customizable insurance solutions through not only its variety of offerings but also its riders and add-ons to give additional coverage and flexibility to clients. With an ongoing investment in technology and digital reform to enhance customer experience and streamline operations, Symetra has recently introduced its Symetra SwiftTerm term life insurance which offers instant coverage for eligible applicants.
Symetra Edge Elite 7
Ratings:
- A.M. Best A
- S&P A
- Moody's A1
- Comdex 79
About Product
Our enhanced accounts offer higher participation rates in exchange for an annual charge. With higher participation rates, your accounts have potential to grow at a higher rate than our other account options.
Guardrail
Enhanced accounts are available for renewal or transfer as long as your contract value is greater than 97% of your purchase payment (less any withdrawals). This helps protect your contract value from declining due to the charge if the index does not experience positive growth.
If the contract value drops below the 97% threshold, any amount allocated to these accounts will be automatically transferred to the traditional indexed account with the same index, but without a charge. If the traditional indexed account is not available, the amount will be transferred to the fixed account. Once the contract value returns to an amount above the 97% threshold, the enhanced accounts will again be available for allocations at the end of the interest term after any interest is credited upon request.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4.1%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
9.5%
Cap
|
| 2-Year Putnam Dynamic Low Volatility ER PTP Enhanced Participation Rate Guaranteed for Term |
Point to Point
Biennial
|
325%
Participation
|
| 1-Year Putnam Dynamic Low Volatility ER PTP Enhanced Participation Rate Guaranteed for Term |
Point to Point
Annual
|
215%
Participation
|
| 2-Year JP Morgan ETF Efficiente 5 PTP Enhanced Participation Rate Guaranteed for Term |
Point to Point
Biennial
|
260%
Participation
|
| 1-Year JP Morgan ETF Efficiente 5 PTP Enhanced Participation Rate Guaranteed for Term |
Point to Point
Annual
|
170%
Participation
|
| 2-Year S&P 500 PTP Participation Rate |
Point to Point
Biennial
|
65%
Participation
|
| 1-Year Putnam Dynamic Low Volatility ER PTP Participation Rate |
Point to Point
Annual
|
180%
Participation
|
| 1-Year Putnam Dynamic Low Volatility ER PTP Cap |
Point to Point
Annual
|
16%
Cap
|
| 2-Year Putnam Dynamic Low Volatility ER PTP Participation Rate |
Point to Point
Biennial
|
265%
Participation
|
| 1-Year JP Morgan ETF Efficiente 5 PTP Participation Rate |
Point to Point
Annual
|
140%
Participation
|
| 1-Year JP Morgan ETF Efficiente 5 PTP Cap |
Point to Point
Annual
|
16%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
50%
Participation
|
| 2-Year JP Morgan ETF Efficiente 5 PTP Participation Rate |
Point to Point
Biennial
|
215%
Participation
|
| 1-Year Fixed Account |
Fixed
|
4.25%
Fixed
|
| 1-Year JP Morgan ETF Efficiente 5 PTP Enhanced Participation Rate Guaranteed for Term |
Point to Point
Annual
|
185%
Participation
|
| 2-Year JP Morgan ETF Efficiente 5 PTP Enhanced Participation Rate Guaranteed for Term |
Point to Point
Biennial
|
280%
Participation
|
| 1-Year Putnam Dynamic Low Volatility ER PTP Enhanced Participation Rate Guaranteed for Term |
Point to Point
Annual
|
235%
Participation
|
| 2-Year Putnam Dynamic Low Volatility ER PTP Enhanced Participation Rate Guaranteed for Term |
Point to Point
Biennial
|
345%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
10%
Cap
|
| 2-Year S&P 500 PTP Participation Rate |
Point to Point
Biennial
|
75%
Participation
|
| 1-Year Putnam Dynamic Low Volatility ER PTP Cap |
Point to Point
Annual
|
18%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
55%
Participation
|
| 2-Year Putnam Dynamic Low Volatility ER PTP Participation Rate |
Point to Point
Biennial
|
290%
Participation
|
| 1-Year Putnam Dynamic Low Volatility ER PTP Participation Rate |
Point to Point
Annual
|
200%
Participation
|
| 1-Year JP Morgan ETF Efficiente 5 PTP Cap |
Point to Point
Annual
|
18%
Cap
|
| 1-Year JP Morgan ETF Efficiente 5 PTP Participation Rate |
Point to Point
Annual
|
155%
Participation
|
| 2-Year JP Morgan ETF Efficiente 5 PTP Participation Rate |
Point to Point
Biennial
|
235%
Participation
|
| 1-Year Nasdaq-100 PTP Cap |
Point to Point
Annual
|
10.25%
Cap
|
| 1-Year Nasdaq-100 Performance Trigger |
Performance Triggered
Annual
|
8.5%
Performance triggered
|
| 1-Year S&P 500 Performance Trigger |
Performance Triggered
Annual
|
7.75%
Performance triggered
|
| 1-Year Nasdaq-100 PTP Cap |
Point to Point
Annual
|
10.75%
Cap
|
| 1-Year S&P 500 Performance Trigger |
Performance Triggered
Annual
|
8%
Performance triggered
|
| 1-Year Nasdaq-100 Performance Trigger |
Performance Triggered
Annual
|
8.75%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 9% | 8% | 7% | 6% | 5% | 4% |
Riders
No Riders for Symetra Edge Elite 7 annuity.
Waivers
Hospital
Unavailable in states: CA
If clients are confined to a nursing home and/or hospital for at least 30 consecutive days, Symetra will waive withdrawal charges and applicable MVAs. This waiver must be requested during confinement or within 90 days after confinement ends. If confined on the contract issue date, a 12-month exclusion period applies.
Nursing Home
Unavailable in states: CA
If clients are confined to a nursing home and/or hospital for at least 30 consecutive days, Symetra will waive withdrawal charges and applicable MVAs. This waiver must be requested during confinement or within 90 days after confinement ends. If confined on the contract issue date, a 12-month exclusion period applies. The nursing home waiver does not include home health care.
Terminal Illness
Unavailable in states: CA
If clients are diagnosed with a terminal illness after the first contract year, Symetra will waive withdrawal charges and applicable MVAs. Additional requirements are explained in the contract.
Annuitization
Anytime after your first contract year and before your 96th birthday, you may convert your contract value to an income stream that pays you over a specific period of time or for your lifetime.
Premium Notes
Inherited IRA’s: the Beneficiary must either be a Spouse or an EDB (Eligible Designated Beneficiary).
Withdrawal Provisions
Clients can withdraw up to 10% of their contract value each contract year without paying withdrawal charges or applicable market value adjustments (MVAs). If they withdraw more than 10% during the withdrawal charge period, a withdrawal charge and MVA may apply on the amount over 10%. Any amounts withdrawn from an indexed account before the end of the interest term will not receive interest for that term (since indexed interest is only credited at the end of each interest term).
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